Customized Business Banking
John Fulone, Chief Strategy and Marketing Officer, The Cooperative Bank of Cape Cod Your business banking should be more customized than just the name on the account. Just as there are different types of personal banking options—free checking accounts, high interest accounts, and accounts specialized for students and seniors—there are also many different types of business banking accounts and services. Your business needs are different than the business across town, or even across the street. Your business bank accounts should reflect the uniqueness of those needs and create a suite of services that works for you. To make sure that you are getting the correct products and services to help your business grow and thrive, set up a meeting to review your business needs and goals with your banker. From free accounts for startup and sole proprietorships, to specialized accounts that help manage cash flow and earn interest, there are a variety of options just for checking alone. A business banking specialist can help review your business processes, goals, and cash flow to help make sure you have the products best suited to your needs. It’s is also important to choose the right banking services for the way you conduct your business.
- Credit Card Transactions: Larger businesses that process dozens of card transactions from one location can benefit from a relationship with a merchant card services provider. Smaller businesses that only occasionally accept cards, or need to have a card transaction service that is as mobile as their business, are more likely to be a good fit for a mobile card processor. At The Cooperative Bank of Cape Cod, we offer a partnership with a local merchant services provider.
- Check Deposits: Businesses that accept large quantities of checks for payment requiring multiple trips to the bank can benefit from using something like Remote Deposit Capture offered at The Cooperative Bank of Cape Cod. This service allows you to make those deposits from the comfort of your own computer, giving you more time to conduct business and less time driving to the bank.
- Payroll Services: Your bank is also a great resource for payroll processing and can work with you to make sure that you are using all the tools available to help your business grow and process payroll as efficiently as possible.
- Investment Opportunities: Investing can be an important option for business growth, and businesses big and small can benefit from a written financial plan and goal setting.
Last but not least, develop a relationship with a commercial lender if you haven’t already done so. Commercial lenders work daily with many business owners small and large and have the experience to know what works and what may not. These individuals are great resources for
- Additional capital
- Improving cash flow
- Strategizing growth plans
- Brainstorming ideas for expansion
- General good business practices
One of the many benefits of banking at local, community banks, such as The Cooperative Bank of Cape Cod, is the ability to build close relationships with the financial team that will help you grow your business. And, banking local means that the money you invest in your community bank is invested right back into the local economy by providing jobs, capital for startups, expansion for existing businesses, and support for local community organizations. Banking local means that you’re receiving exceptional customer service while knowing that your bank is dedicated to bettering the communities where you live and work.